Where to Find Investment Money within Your Household Budget

Investing your money has a variety of benefits, from giving you the opportunity to save for your retirement to building a college fund for your kids. While most investments come with a degree of risk, options such as savings bonds and money market funds can provide you with low-risk opportunities to grow your assets. Learning to control your spending can be the first step in building investment money; however, you may be overlooking cash hidden within your household budget that can help put you on the road to investing, and finding it may be simpler than you think.

Lower Your Utility Bills

You may be wasting potential investment money within your energy bill, but there are several ways you can lower it without having to replace your home’s doors and windows. Instead, consider simple solutions, such as drying cotton clothing outdoors on a drying rack or a clothesline on sunny days instead of running the dryer. Open your home’s curtains during the day to let light in to reduce the need for lamps or overhead lighting and unplug appliances when you are not using them. This can shave money off your energy bills that you can use for investment opportunities.

Be a Savvy Cell Phone User

If your monthly cell phone bill tends to eat up a large portion of your budget, reconsider how you use it and take steps to save both minutes and data usage. Choose a plan with unlimited talk and text or, if that is beyond your cell budget, use free chat apps instead. Be mindful of how you use your monthly data and take advantage of free Wi-Fi whenever possible. Even saving ten or fifteen dollars a month can help you build investment funds within the space of six to eight months.

Slash Your Weekly Grocery Bill

It can be a challenge to lower your grocery bill, especially if you are feeding growing children, but there are a few strategies you can use in this area. One simple way is to inventory your fridge and pantry before you shop to avoid buying items you already have tucked away. Eat a meal packed with protein before you leave, as shopping on an empty stomach can lead to impulse buying and raise your grocery bill. Allow your kids to pick out one item for the week and then stick to your shopping list to maximize your savings.

Be Proactive About Service Savings

There may be savings to be found in the services you pay for each month, such as your car insurance and home internet. However, you might have to reach out to the companies to find them. Take time to call your service providers, as this may result in lower monthly payments.

For example, if you live in Ohio’s state capital, you can reach out to your Columbus auto insurance agent to ask about how to lower your premiums. Discuss safe driver discounts, vanishing deductibles, and bundling, as you may qualify for more than one program.

Building capital investment can be a challenge, especially when money is tight. However, with a bit of effort, you can find funds within your own household budget and step on the road to investing and the opportunity for a secure financial future.

The weekly groceries is where I think a lot of people go wrong. Lots of people focus too much on processed foods in fancy well-marketed packages. These happen to be the most expensive. Stick to the outer edge of the supermarket where all the fresh produce is and you’ll likely save money in your wallet and lose a little weight!

We’re doing most of these. I’m somewhat obsessed with our utility bills. We’re down to under $200 per month for heat, electricity, water and sewage. There are still a few changes we could make but they’re more costly so we’re waiting for the right moment (new HE washing machine, new ultra-low-flow toilet, better insulation in attic).

Disclaimer

The Dividend Ninja is not a professional financial advisor, investment dealer, or a certified financial planner. This website does not offer professional or financial advice, and is intended to provide general information only. The Dividend Ninja is not responsible for the investment decisions you make. You should consult with your financial advisor before making any investment decisions. Be prudent and cautious. Do your own research, and invest in what you understand. By use of this website, you agree to these terms.